Alert August 12, 2008

FFIEC Issues Talent Amendment Examination Procedures

The FFIEC issued examination procedures to be used when determining compliance with regulations issued by the Department of Defense regarding limitations on consumer credit extended to service members and their dependents. The regulations cover payday loans, motor vehicle title loans, and tax refund anticipation loans, and apply to all persons engaged in the business of extending such credit and their assignees. Click here for the procedures.